According to a report released by the U.S. Treasury Department this week, the government lost more than $9 billion on its bailout of General Motors Corp., Chrysler LLC and auto lending arms Ally Financial Inc. and Chrysler Financial.
The U.S.-based automaker’s new name follows the naming convention of its global parent company, Fiat Chrysler Automobiles N.V., which assumed its new name in October when it listed on the New York Stock Exchange.
TD Bank Group (TD) and Cerberus Capital Management today announced an agreement under which Chrysler Financial will be sold to TD for cash consideration of approximately $6.3 billion.
GMAC Financial Services issued an update Friday on its efforts to provide nearly 1,500 Chrysler dealers with wholesale financing.
Chrysler Financial, the former captive lender of Chrysler LLC, will liquidate and cease business in Dec. 31, 2011, according to a letter from the U.S. Treasury Department.
Chrysler Financial said last Friday it wouldn’t seek a $24 billion credit facility that was set to be renewed yesterday, as officials said the finance company had sufficient funds to continue underwriting auto retail loans.
Chrysler Financial announced July 15 it has repaid in full the $1.5 billion of Troubled Asset Relief Program (TARP) government loans.
Chrysler Financial announced June 30 it is reducing its workforce by nine percent, as it restructures its business operations to align with current revenue expectations.
On the heels of General Motor’s Chapter 11 bankruptcy filing on Monday, GMAC Financial Services issued a statement saying it is taking the appropriate steps to protect its interests during the troubled automaker’s restructuring.
Chrysler Financial announced Wednesday the resumption of subvented retail annual percentage rate (APR) programs in conjunction with Chrysler LLC.
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